We are still suffering the effects of economic collapse, brought on by the greed of criminal Banksters. In spite of that, they still threaten our economy, because they own the Republican Party, lock, stock and barrel, in addition to a significant minority of Congressional Democrats. A new report from community banks and a new segment from Bill Moyers Journal, demonstrate this well.
The Independent Community Bankers of America released a report on Wednesday that examines the impact of too-big-to-fail institutions on the American economy and why the problem needs to be addressed.
“ICBA is pleased to unveil this comprehensive report, which is an excellent roadmap for helping everyone from consumers to policymakers understand how too-big-to-fail affects our nation’s economy and what they can do to help bring an end to this dangerous practice,” ICBA President and CEO Camden R. Fine said. “As we outline in the report, too-big-to-fail distorts free markets, incentivizes risky behavior, holds taxpayers hostage to bailouts, and creates unfair competitive advantages for the largest banks. But there is perhaps no greater reminder of the too-big-to-fail impact than the constant, oppressive regulatory burdens that community banks face on a daily basis. I encourage everyone who feels passionately about the health of our financial system to read this timely report.”
The report found that the 12 largest U.S. banks hold nearly 70 percent of all industry assets and that they get credit at rates “that do not reflect their true risk—rates that are subsidized by an implicit taxpayer guarantee.”
Additionally, the report pointed to a recent statement by Attorney General Eric Holder, in which he said the Department of Justice is aware that megabanks are TBTF. The report said the banking industry will increasingly become more concentrated as long as the problem of TBTF remains…
Inserted from <Bank Credit News>
Photo credit: Demos.org
You can read the ICBA Report here.
Bill Moyers also provided some excellent coverage on this subject.
Pulitzer Prize-winning New York Times columnist Gretchen Morgenson tells Bill that, five years after the country’s economic near-collapse, banks are still too big to fail, too big to manage, and too big to trust. Stockholders’ reaffirmation of Jamie Dimon as JP Morgan Chase’s chairman and CEO this week — despite a year of accusations and investigations at the bank — is further evidence, she says, of an unchecked system that continues to covet profits and eschew accountability, putting our economy and democracy at risk. Morgenson also discusses how behemoth companies like Apple manipulate the system and avail themselves of the biggest tax loopholes money and influence can buy…
Inserted from <Bill Moyers Journal>
Gretchen summarized the problem well, when she said, "There was just no shame." This smugness is part of the reason that TBTF = Too Big to Exist. I do not believe that we can have economic sanity in this nation until we break them up in addition to reinstating Glass-Steagall. They are demonstrating now that they are also Too Big to Regulate. To do that we need to replace the Bankster Bought in Congress with progressive legislators.
11 Responses to “TBTF = Too Big to Exist”
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This machine has just deleted my comment (!) – ah well – it said basically that both you and Bill Moyers are right again TomCat! "Gretchen summarized the problem well, when she said, "There was just no shame." This smugness is part of the reason that TBTF = Too Big to Exist. I do not believe that we can have economic sanity in this nation until we break them up in addition to reinstating Glass-Steagall. They are demonstrating now that they are also Too Big to Regulate. To do that we need to replace the Bankster Bought in Congress with progressive legislators." I don't think however that the entrenched interests in our governments (and lobbying them incessantly) all over the world will give up their greed obsessed grip on power until they are forced to. Sadly.
That's why forrce will be needed, but not physucal force. That's the Republican way. We must win with electoral force.
Pat A
I agree Pat A, it seems a futile to watch this TBTF = TBTE ever changing…
I agree about re-instating Glass-Steagall.
Thank you both.
If it's too big to fail, TC, you can be damned sure it's a criminal enterprise.
On that, you get a big AMEN from me, Phil.
Too big to fail is also too big to jail, none of them have been prosecuted yet for the crimes against the American people that they committed, that destroyed our economy. Glass=Steagall has a very slim chance of being reinstated. Once again, our congress only does what their biggest campaign contributors want them to do.
Too true, Edie. Please see my reply to Pat.
"… an unchecked system that continues to covet profits and eschew accountability"— where is Glass-Steagall and Elizabeth Warren when you need them? Oh right, they are being held hostage by lobbyists and Republican/Teabaggers whose only concern is for profits at all costs, and screw the little guys. And of course, since many pension funds, mutual funds etc are invested in some of these big banks that take these enormous riskd, if another debacle happens and these banks are in danger of collapse, so go our investments. At what point do we say enough?
You're right. Thousands of US workers found themselves unable to retire, because their retirewment accounts decreased in value.